Credit unions and other financial institutions may soon be able to put temporary holds on accounts belonging to some members they suspect are being financially exploited, according to proposed new FINRA rules.

The rules would permit 15-day holds (and longer, in some cases) on accounts held by members who are either 65 and over or over 18, and whom an institution “reasonably believes” have mental or physical impairments that render them unable to protect their own interests. Many credit unions offer investment products through third-party brokerage agreements with FINRA-member firms, and the proposed rules would allow “qualified persons”— those at a firm who serve in supervisory, compliance or legal capacities reasonably related to a member’s account — to place the holds.

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Tina Orem


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